WIPP FY16 FSGG - Letter to Serrano
Tuesday, May 19, 2015
May 8, 2015
The Honorable José Serrano
Subcommittee on Financial Services and General Government
House Appropriations Committee
U.S. House of Representatives
Washington, DC 20515
Dear Ranking Member Serrano,
As Ranking Member of the House Appropriations Subcommittee on Financial Services and General Government, I am writing to urge your support for critical business development programs at the U.S. Small Business Administration (SBA) that support women-owned businesses.
According to the Small Business Administration’s Office of Advocacy, small businesses have created two-thirds of new jobs since the end of the recession in 2009. There are 7.8 million women-owned businesses in the United States, accounting for nearly 30% of all businesses, and generating more than $1.2 trillion in total receipts. These are impressive numbers. However, it is imperative that we continue to provide our nation’s women entrepreneurs with the tools they need to succeed: ensuring access to capital and business assistance services remains critical.
Therefore, we are requesting the following FY2016 funding levels to support our nation’s women business owners:
· Women’s Business Centers $16 million
· National Women’s Business Council $1 million
· Microloan Program Lending $35 million
· Microloan Program Technical Assistance $25 million
· PRIME Program $5 million
· Office of Advocacy $9.1 million
These programs support women-owned businesses by giving them the tools and capital they need to succeed. For example, a majority of the loans made through the SBA’s Microloan Program go to women entrepreneurs, while the Women’s Business Center program provides counseling and training to more than 140,000 entrepreneurs annually.
WIPP also supports the SBA’s proposal to continue waiving fees for 7(a) business loans under $150,000 through FY2016. Access to capital remains a struggle for women-owned small businesses. Women business owners make an average of two attempts to secure capital, succeeding only 60% of the time, according to WIPP’s 2014 Annual Survey.
WIPP is a national nonpartisan public policy organization, advocating on behalf of 4.7 million businesswomen and representing 78 business organizations. WIPP provides timely economic policy information, identifies important trends and opportunities to its membership, and provides a collaborative model for the public and private sectors to increase the economic power of women-owned businesses.
Thank you in advance for your consideration of these views. If you have any questions regarding these requests, please feel free to contact John Stanford at (202) 626-8528 or at firstname.lastname@example.org.
Barbara Kasoff, President and CEO
Women Impacting Public Policy
 National Women’s Business Council, Businesses Owned by Women, http://www.nwbc.gov/facts/women-owned-businesses.
 Women Impacting Public Policy, Business Women Speak Out on the Issues, March 2014, http://graphics.web.com/2014StateofWomen.pdf.
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